(a)
Following an affiliate transfer, the transferee trust institution shall have
all of the rights, powers, privileges, appointments, accounts, and designations
of the transferring trust institution and shall be deemed successor to the
transferring trust institution in any deed, trust, agreement, filing,
instrument, notice, certificate, pleading, or other document related to the
account.

(b)
Following an affiliate transfer, the transferee trust institution is
responsible for the performance of all duties, responsibilities, and
obligations related to an account subject to the affiliate transfer.

(c)
The affiliate transfer does not limit the transferring trust institution's
liability for any of its acts as fiduciary.

(d)
Unless the affiliate transfer is authorized by the documents governing the
account, the transferring trust institution remains liable and responsible, while
affiliated with the transferee trust institution, for the transferee trust
institution's administration of accounts subject to an affiliate transfer. For
purposes of this subsection, an affiliate transfer of an account made in
reliance on subsection (e) of this section shall not be deemed to be authorized
by the documents governing the account.

(1)
Qualifications for administration such as capital, assets, assets under
management, or similar standards set forth in documents or laws governing the
account may be satisfied by the combined financial resources of the
transferring trust institution and the transferee trust institution.

(2)
Standards relating to the location or charter of the trust institution
administering the account may be satisfied by the transferring trust
institution or the transferee trust institution.

(f)
Nothing in this Part shall be construed to impair any right of a trust
institution to resign from administration of an account, or the right of a
trust institution or a person interested in the account to seek the appointment
of a replacement.

(g)
Neither the rights of creditors to nor any liens upon the property held in an
account shall be impaired by an affiliate transfer.

(h)
Any claim or proceeding by or against the transferring trust institution
pending at the time of the affiliate transfer may proceed as if the affiliate
transfer had not taken place. (2005-274, s. 2.)